October 2009/1

AIG will book a technical loss of $1.4bn on the sale of its 97.57 percent share in leading Taiwanese life insurer Nan Shan Life Insurance Compan, it unveiled on 12 October.

Bermudian (re)insurer Axis Capital has revealed it expects its third-quarter operating income to be impacted by an increase of approximately $136mn in the fair value liability of an indemnity derivative contract that is exposed to longevity risk.

Lloyd’s insurer Hardy has pulled plans to launch a special purpose sidecar syndicate (SPS) to sit alongside its existing Syndicate 382 in 2010, The Insurance Insider has learned.

Defying suggestions that property cat rates will be under pressure next year, quoted Lloyd’s insurer Hardy is set to launch the fifth start-up syndicate in January 2010 after receiving approval to form a sidecar to its existing Syndicate 382, The Insuranc

Munich Re is set to launch a new £67mn syndicate through its Lloyd’s platform Beaufort Underwriting Agency Ltd for the 2010 year targeting high risk high reward retro business, The Insurance Insider can reveal.

Global reinsurance broker Willis Re has announced a series of management changes and a new organisational structure.

The delayed case management conference for the Scottish Lion scheme of arrangement that took place today (14 October) has resulted in the scheme being formally dismissed, The Insurance Insider has learned.

The total liabilities of the UK non-life run-off market increased by approximately 30 percent to an estimated £37.4bn at the end of 2008, according to the seventh annual KPMG run-off survey of UK non-life companies.

Despite a moderate uptick in the volume of securities lawsuits filed in the third quarter, the number of new suits related to the credit crisis fell sharply, as fears of a tidal wave of claims from the financial turmoil continue to recede.

JLT has continued to lure senior Aon executives to bolster its Asian and aviation resources after confirming that Anthony Langridge - the former chairman of the broking giant's Hong Kong operations - will join next year.

Munich Re's recent decision to reinstitute its share buyback programme to the tune of EUR1bn in "unneeded" capital could act as a catalyst for further returns, according to analysis by Oriel Securities.

Hannover Re will open a non-life branch in Shanghai, after receiving regulatory approval at the beginning of October.